Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-06-16
Of several snasil failures that followed did

4.
The Board Of Trade Directors held a
special session before the opening OF
Change to-day for the purpose of deciding
whether or not TO take any action. It was
thought when the meeting was called that
it would be best TO adjourn the Board for
day in order TO allow the excitement to
cool of, but 4 was finally decided that no
action was necessary.
BEARS MAKE ANorHER RAID.
At IL a q a raid by the bears had a
disquieting Bet on the Board, and there
was a renew of the nervous excitement
and uncertaialy Of yesterday and early this
morning. This was probably increased by
the rumOr that Kershaw & Co. would
margin their wheat down TO 73e only. At
1870 wheat was quiet as ON any ordinary
day when the bears made another raid on
July wheat and it sold down by Jumps to
735a73i, to 7S4, TO 73; then MP 70 73f and
back again to 70. The pit was once more
all nervous exritement and uncertainty,
and the members vino had sought the
other pits during the calm again returned
to the wheat pit. At 11:20 liberal orders
to buy wheat coming in from outside
points, the market became steadier. July
sold up to 7s,s ,sand was quoted at 7S3 With
stronger tendency.
ANOTHER BATCH OF FAILURES.
At 11:30 four more failures were an
nounced on Change The firms are T. B.
Balding & Co., Crosby & Co., Hibbard &
Co. and M. B. Crafts.
Balding & Co. claim to be even on the
market. The suspension of Hibbard &
Co. and Grossly & Co. caused some surprise
as both came unexpectedly. Hibbard &
Co. claim to be solvent. July .wheat
dropped to 7Si.
Charles Henrotin & Co., stock brokers
and members of the New York and Chicago
stock exchanges, have also tailed. The
firm was caught in the wheat squeeze and
pushed to the wall No statement of their
condition is yet obtainable. Henrotin was
until recently the President of the Chicago
Stock Exchange. His failure was q great
surprise.
EXCITEMENT FAST INCREASING.
1915 P. M.-The suspension of s. NJ.
Robinson aud Crafts & Co. has been an
nounced.
1t is as yet utterly impossible to gain
any adequate idea of the amount involved
in the failures of the morning. B. ]. Nc
Cleary's downfall is thought the heaviest,
and will reach more firms than any other.
McCleaTy, it is said, was in the deal quite
heartily, but in the present unsettled state
Of affairs even members of the firm had no
Oh
open and trades unsettled, but until mat
ters are justified it will be next to impos-
S;ble TO tell hey any OF tine firms stand.
The excitement in the pit is fast increasing
and the bears are sava gely raiding the mar
ket-
At 11:52 q, M, July wheat was sent
down to 72f; from there it dropped to 722,
then to 72s, then to 72f, then to ~, then
to III, and then in one jump to II. An
other drop of &c was recorded at two min
utes past noon, when the market touched
7O4. From this point it declined to 20,
then recovered in jumps Of &c to 702, II,
then back to 70a, and at 1911 p. m. is III
for July and us for June.
HOW THEY WENT UNDER.
The crowd thought the crises was passed
at 10 O'Clock, when the clearing sheets
were in, but there was another trouble
G. J. Kershaw & Co.. IS
account at the American Exchange
Bank amounting to $500, 900 had been
garnisheed at 10 a. IN. by Rosenfeld d Co.
The latter learning that Wiltshire, of Gin
cinnati, was in the city, and that be had
taken care of Kershaw q Co., while he
had allowed them to go TO the wall, hur-
ried to their lawyer. Garnishee papers
were at once procured and the money TO
Kershaw & Co.'S credit at the American
Exchange Bank was attached. This Oc-
CURED while all the Board of Trade were
in fancied security. 1t was not until Ker-
shaw's partner, Dewar, who had taken a
check for 5000, 900 for certificate, failed
to return, that there was any inkling Of
the trouble. At noon the checks had
not returned and there was CONSERVATION
1t leaked out on the floor and July wheat
dropped to 70l. Trading was suspended.
The hands of the clock passed the noon
hour and Kershaw's check had not ar
rived. Contrary to the rule the clearing
hour was extended five minutes. Still no
certified check Then the official an
nOuncement was issued that Kershaw &
Co. had failed to go through. The Presi-
dent of the Board directed that the an
nouncement be not made from the gallery.
1t simply
INCREASED THE PANIC.
After it was definitely known that Ker-
shaw & Co. had not gone through the clear
ing house and that their bank account
was held up, there was less depression
than when it was awaiting the news The
cause of Kershaw's trouble was known.
and the crowd felt that Kershaw with
$500, 900 in the bank, even if garnisheed,
was a better creditor than with
out that 100000 which Wiltshire
had brought. Besides the buying the big
men who had their interests imperiled By
a panic, turned the market up from 20,
which was the bottom prices. July sold
up to ~ cents between II and ] o'clock.
During the noon recess another
light change occurred. Previous 10
the adjournment member of the firm OF
Rosenfeld & Co. had stated that he had au-
thorized his attorney to attach or garnishee
the $500, 900 in question. A member OF
the firm of Kershaw Il Co. stated that the
money had been collected and that the
sum was between 500, 900 or $500, ,0OO..
About the same time Rosenfeld & Co. de-
MED they had garnisheed Kershaw's de-
posit evidently
THE NICE DISTINCTION
made that they elect TO call it clique
money, and not Kershaw's. On the after
noon Board there was an even better feel
ing. Kershaw d Co. sent the following
communication:
"GENTLEMEN.-Wea are all tied up, but
are solvent and can pay ont in full if the
market goes no lower than it has up to
this noon. We expect TO extricate Oui-
selves and pay in full tomorrow morning.
c. J. KERsHAw & Co."
Frank johnson, of the failed firm of
Maurice Rosenfeld & Co., said to-day,
that the firm could not tell just how it
stood. Many of their trades were with
the other clique houses, so that their clique
clients were both their debtors and cred
itors. He also says that if the clique
stood by Kershaw 1t would have to stand
by his firm. Wiltshire, its representative,
was in town and they were sparing no
effort to get at him and bring
him IN time They had the detectives